Types of trust accounts
A trust account is an account where you (as a trustee) can hold money on behalf of a client.
Trustee means an accountant, solicitor or licensee who receives money on behalf of another person and is required to account to that person.
Trust accounts operating in Queensland have reporting requirements under Queensland legislation depending on the type of trust account.
Public accountant trust accounts
Public accountants who set up and operate trust accounts in Queensland report to the Department of Justice and Attorney-General.
Learn about the role of the trustee for public accountants trust accounts.
Learn about the role of the auditor for public accountants trust accounts.
Licensee trust accounts
Several occupations licensed by the Office of Fair Trading may also need to operate a trust account.
Learn more about opening and operating a trust account as a:
- real estate agent
- motor dealer
- resident letting agent
- pastoral house agent
- debt collector or process server (commercial agent).
Learn more about the role of the auditor for the trust account of a:
Solicitor trust accounts
Solicitors who set up and operate trust accounts in Queensland report to the Queensland Law Society.
Learn more about the solicitor trust accounts requirements.
Project bank accounts
Project bank accounts are trust accounts established for certain building and construction contracts to safeguard progress payments, protect retention monies, and allow for more timely payments to subcontractors.
Eligible building contracts tendered by the Queensland Government from 1 March 2018 use project bank accounts on building and construction projects (excluding engineering projects) valued between $1 million and $10 million.
Project trust accounts
From 1 March 2021, project and retention trust accounts will replace project bank accounts and will need to be established for certain building and construction projects.
Learn more about project and retention trust accounts.